Financial Services UK

Insurers Face Rising Tide Of Claims From AI-Driven Fraud

Insurers in Britain could be on the hook for far higher losses because of the rising use by criminals of artificial intelligence tools to invent or inflate claims, lawyers have warned.

Appointed Reps Reform Gives FCA Bigger Enforcement Hook

The U.K. government's plans to tighten the rules for appointed representatives will give the Financial Conduct Authority a far greater enforcement hook, making the regime costlier and harder to access by the companies it is designed to support, lawyers have warned.

Insolvency Service Official Explains Economic Crime Shift

The Insolvency Service's evolution into a frontline economic crime enforcer provides the government with an agency with new powers to crack down on fraud, which gives Whitehall a powerful tool to use against unscrupulous directors.

HMRC Tests Tax Evasion Law With 1st Corporate Charge

HMRC's long-awaited decision to charge a company for failing to prevent tax evasion under powers introduced eight years ago will test largely unanswered legal principles and could be a sign of the tax ministry's tougher stance on financial crime, lawyers say.

August 26, 2025
Exchanges Body Warns EU Of Risk Of US Share Digitalization

A London-based global exchange group said Tuesday that it has warned the European Union's financial markets watchdog of growing risks to investors posed by U.S. shares that have been digitalized by unregulated brokers and crypto-asset trading platforms.
August 26, 2025
UK Regulator Saves Pension Scheme From Insolvency

The U.K.'s retirement savings watchdog said Tuesday it was able to secure £7 million ($9.4 million) in backing for a beleaguered staff pension scheme, after the plan's original sponsor went bust.
August 26, 2025
Google Beats Gazprom's 'GPAY' TM In EU

Google has persuaded European officials to block Russian energy firm Gazprom from registering "GPAY" as a trademark, as consumers might confuse it with the technology giant's payment services application known as GPay.
August 26, 2025
Pension Funds Join £3B Funding For Infrastructure Project

A coalition of U.K. pension funds has backed a £3 billion ($4 billion) funding package for a major utilities project in northwest England following a government-led initiative to get the sector to invest more in the economy.
August 26, 2025
UK Savers Mull Crypto-Investment For Retirement, Aviva Says

More than a quarter of British savers would consider investing in cryptocurrency as part of their retirement planning, insurance giant Aviva said Tuesday.
August 26, 2025
LSE Wins Green Light To Be Private Stock Market Operator

The Financial Conduct Authority said Tuesday that it has approved the London Stock Exchange Group PLC as a regulated operator of a market to trade shares in private companies, as the U.K. seeks to provide investors with an alternative to an initial public offering.
August 26, 2025
Squire Patton Guides Textiles Co. On £11M Pension Deal

The pension plan of bedding manufacturer John Cotton Group Ltd. has agreed an £11 million ($15 million) full-scheme buy-in with Just Group, the financial services company said on Tuesday.
August 22, 2025
HMRC Tightens Pension Tax Relief Claims By Higher Earners

The U.K. is restricting pension tax relief claims for higher earners in a change coming into effect next month, Britain's tax authority said.
August 22, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen football manager Bruno Lage sue the owner of Olympique Lyonnais and Botafogo football clubs, luxury fashion brand Christian Dior Couture target a jewelry business trading under the same name, and a Russian motorsports promoter take action against Formula One after it canceled its Russian Grand Prix in 2022.
August 22, 2025
Pension Body Opposes UK Gov't Plan For Mandated Investing

The government must drop its plan to introduce a "reserve power" that will allow it to force pension funds into making U.K. investments, a trade body said Friday.
August 22, 2025
UK State Pension Could Rise 4.6% Under Triple Lock Pledge

The state pension could rise by £551 ($746) a year for Britons in 2026 under the so-called triple lock, piling additional costs on taxpayers, a consultancy warned on Friday.
August 22, 2025
FCA Revises Controls After Poor Oversight Of Payments Firm

The Financial Conduct Authority said it has changed its internal systems and controls and is introducing new rules for the payments sector, after the Complaints Commissioner found it failed to properly regulate a collapsing payments firm.
August 21, 2025
UK Hits Crypto Exchanges That Help Russia Evade Sanctions

The U.K. is cracking down on financial networks used by Russia to soften the blow of sanctions, including cryptocurrency exchanges, just a week after the U.S. took the same action.
August 21, 2025
BoE Says No Urgent Need To Raise £85K APP Fraud Limit

The Bank of England called Thursday to keep the £85,000 ($114,000) limit for compulsory reimbursement of victims of authorized push payment fraud in payments made through the CHAPS settlements system at a time it is under review.
August 21, 2025
Mediobanca Shareholders Reject €6.3B Banca Generali Deal

Italian investment bank Mediobanca SpA said Thursday that its shareholders rejected its planned €6.3 billion ($7.3 billion) bid for wealth manager Banca Generali SpA, a move that now opens it up to a hostile takeover from rival Monte dei Paschi.
August 21, 2025
FCA Warns Firms Of Failings In Algorithmic Trading Controls

The Financial Conduct Authority said Thursday that trading companies need to address deficiencies in algorithmic trading controls, noting poor record keeping with compliance staff lacking oversight of controls.
August 21, 2025
Aegon Boosts Buyback To €400M, Weighs Moving Base To US

Aegon NV said Thursday it is doubling its current €200 million ($233 million) share repurchase program to €400 million as the pensions and insurance specialist begins a review of plans to shift its head office to the U.S.
August 21, 2025
Casino Biz Handed £1M Fine For Money Laundering Failures

The Gambling Commission said on Thursday that it has fined an online casino £1 million ($1.35 million) for failing to carry out appropriate assessments of money laundering and terrorist financing risk
August 20, 2025
Ex-Chelsea Soccer Player Ordered To Pay £466K To HMRC

A former soccer player turned ESPN pundit must pay back nearly £466,000 ($628,300) in taxes on film company investments to HM Revenue & Customs, a London tribunal ruled.
August 20, 2025
E-Commerce Platform Accuses Nuvei Of Withholding $1.6M

An e-commerce platform has alleged that a Canadian financial technology company is wrongly withholding €1.3 million ($1.5 million) and 20.9 million Japanese Yen ($140,000) it is owed from customer purchases.
August 20, 2025
Fewer Pension Plans Granting Inflation-Driven Increases

Fewer U.K. pension plans are giving their members discretionary increases in retirement payments, with inflation lower and changes anticipated in how surpluses will be used, Aon PLC said Wednesday.
August 20, 2025
EU Finance Watchdog, EEA Sign Sustainability Agreement

The financial markets watchdog of the European Union said Wednesday that it has entered into an agreement with the European Environment Agency to strengthen cooperation in sustainable finance and enhance regulation across member states.
August 20, 2025
Eversheds, LCP Guide £700M Pension Deal For Engineer ABB

The British subsidiary of global electrical engineering giant ABB Group has agreed a full-scheme pension program buy-in worth £700 million ($945 million) with Aviva PLC, the insurer said Wednesday.
August 19, 2025
Fund Sues Trader For £10M Over Sold Shipping Investments

A Cayman Islands investment fund has alleged that a trading platform owes it at least £10 million ($14 million) for selling off its investments in shipping industry contracts.
August 19, 2025
Athora, Brookfield Deals May Spur UK Pension Risk Appetite

A wave of consolidation among life insurers may mean deeper pockets to meet demand in the pension risk transfer market, a broker said Tuesday.

Editor's Picks

5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
UK Draft Pay Fraud Rules Open Tricky Legal Liabilities

The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
FCA Fires Warning Shot Over City's Consumer Duty Failings

The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.

Expert Analysis

What Gov't Report Tells Lawyers About Continuing AML Risks

The U.K. government’s recent national money laundering risk assessment maintains conveyancing, company service work and misuse of client accounts as key threats, underscoring that law firms should expect renewed scrutiny and higher expectations in these high-risk areas, says Harriet Holmes at Thirdfort.
Petrofac Ruling Shifts Focus To Fairness In Restructurings

The recent Court of Appeal overturning of Petrofac's restructuring plans demonstrates a change of direction that will allow previously ignored out-of-the-money creditors a share in the benefits, and means companies must review the fair treatment of different creditor classes, say lawyers at King & Spalding.
Europe's New Defense Push Creates Investment Prospects

Recent increases in European defense expenditure and governments' desire to innovate are creating a compelling environment for investment and merger and acquisition activity, especially for small and midsize enterprises at the forefront of emerging technologies, say lawyers at Skadden.
Key Considerations For Issuers In FCA Prospectus Reform

The Financial Conduct Authority’s forthcoming reform of the U.K. prospectus regime should be attractive to both debt and equity issuers because it limits the circumstances in which a costly prospectus is required, making it easier and cheaper for listed companies to raise capital, say lawyers at Sullivan & Cromwell.
How Top Court Ruling Limits Scope Of Motor Finance Claims

The U.K. Supreme Court’s recent ruling in a landmark case concerning car finance commissions clarifies when and how a dealership’s fiduciary duties arise, considerably narrowing that path for mass consumer litigation and highlighting how an upcoming Financial Conduct Authority redress scheme will seek to balance consumer, lender and market interests, say lawyers at Cadwalader.
FCA Misconduct Guide Will Expand Firms' Duty To Investigate

The Financial Conduct Authority's recent proposals on workplace nonfinancial misconduct will place a greater onus on compliance and investigations teams, clarifying that the question to ascertain is whether the behavior is justifiable and proportionate, say lawyers at Ashurst.
Lessons From Landmark UK Supreme Court Libor Ruling

The U.K. Supreme Court’s recent quashing of former traders Hayes and Palombo’s interest rate rigging convictions on the ground of jury misdirection raises concerns about failings in the criminal appeal process, and whether encouraging institutions to accept regulatory settlements can create conditions for miscarriages of justice, says Ellen Gallagher at Vardags.
Mansion House Speech Heralds New Financial Regulatory Era

The chancellor of the exchequer's recent Mansion House speech introduced a sweeping commitment to modernize regulation, which will require U.K. retail banks and building societies to revisit core assumptions, and allow lawyers to play a key role in shaping the new rules, say lawyers at Addleshaw Goddard.
Challenges For Managers In Navigating Continuation Funds

With continuation vehicles becoming an increasingly popular alternative to traditional private equity investment exit routes, managers and lenders should be confident that they understand a transaction’s structure and how it interacts with existing debt arrangements, says Jason Larkins at Travers Smith.
Key Points From EU Proposals To Ease Securitization Rules

The European Commission’s recently proposed securitization framework amendments aim to relax existing rules, such as by reducing due diligence requirements and removing the need for investors to conduct certain prescribed compliance verifications by sponsors or original lenders, say lawyers at McDermott.
High Court Elects Substance Over Form In Arbitration Dispute

The High Court recently found that an arbitral tribunal has jurisdiction over the dispute in Ras Al Khaimah Investment Authority v. India, underscoring the importance of aligning treaty interpretation with the goal of fostering investment, while rejecting interpretations that unduly limit investor protections, says Josep Galvez at 4-5 Gray's Inn.
What New UK Stub Equity Rules Will Mean For PE Bidders

The U.K. Takeover Panel’s recent guide to making stub equity offers, for the first time formally harmonizing the approach to be taken, should be helpful for both private equity bidders and practitioners, and not unduly restrictive, say lawyers at Davis Polk.
What To Expect As FCA Preps To Launch AI Testing Service

The Financial Conduct Authority’s forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool’s potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
New Interpol Silver Notice Could Be Tool For Justice Or Abuse

Interpol has issued dozens of Silver Notices to trace and recover assets linked to criminal activity since January, and though the tool may disrupt organized crime and terrorist financing, attorneys must protect against the potential for corrupt misuse, say attorneys at Clark Hill and Arktouros.
Weighing PE Transaction Risks As EU AI Act Rolls Out

As the European Union Artificial Intelligence Act becomes effective in stages, legal practitioners involved in private equity deals should consider the transactional risks resulting from this measure, including penalties, extraterritorial reach and target-firm applicability, say lawyers at Covington.